Personal Bankruptcy Voluntary Car Reposessioon

[ka7799]

I am hoping someone can advise me on voluntary car repossession. I am considering to turn in my car because I feel like there is no other way to get rid of it. I cannot afford it any more. My credit was kind of bad when I purchased it and I got a high interest of 15%. Currently I have $11,000 to pay off and the car is 5 yrs old and has 107,000 miles. Even when I would want to sell it there is no way anybody will purchase it for $11,000. I don't know what else to do with it and I am thinking about turning it in.
I have been hearing that if I agree to the voluntary repossession I might not have to pay off the deficiency balance. Is this true? Will this totally ruin my credit?
Any comments are greatly appreciated it.

 

[Theresagail]

No that is not true you are liable for the entire amount borrowed whether you give the car back, they take the car back, or the car gets blown up. They wan the $$ the loaned you plus the interest-- it will ruin your credit. I wish I could help you more on how to get rid of the car, you may want to call the financial institution and see if there are options they have-- they really dont want the car back either.